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\begin{tabular}{lcccc} \hline
 & (1) & (2) & (3) & (4) \\
VARIABLES &  &  &  &  \\ \hline
 &  &  &  &  \\
IG & -0.1728*** &  & -0.0813** &  \\
 & (0.0453) &  & (0.0382) &  \\
LUL &  & -0.8984*** &  & -0.5471** \\
 &  & (0.2294) &  & (0.2783) \\
Constant & 0.7334*** & 0.7344*** & -0.7261*** & -0.7262*** \\
 & (0.0796) & (0.0785) & (0.1578) & (0.1573) \\
 &  &  &  &  \\
Observations & 21,054 & 21,054 & 31,272 & 31,272 \\
R-squared & 0.0132 & 0.0038 & 0.0099 & 0.0089 \\
IV & No & Yes & No & Yes \\
Controls & yes & yes & yes & yes \\
Double Group Clustering & Yes & Yes & Yes & Yes \\
StdErr IG & 0.0594 &  & 0.0606 &  \\
\textit{Mean}(Dep. Var.) & 0.548 & 0.548 & -0.816 & -0.816 \\
\textit{Std.Dev.}(Dep. Var.) & 1.097 & 1.097 & 1.338 & 1.338 \\
 StdErr LUL &  & 0.304 &  & 0.422 \\ \hline
\end{tabular}
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